Mortgage Banking

Founded in 1939, Mortgage Banking Magazine is a professional trade magazine published by Mortgage Bankers Association of America. Its headquarters are located in Washington, D.C. The magazine is published monthly and serves the banking, real estate and financial markets. Janet Hewitt is the editor-in-chief.

Articles from Vol. 63, No. 12, September

A Defensive Strategy
IMAGINE BATTLING POWERFUL OPPONENTS IN ALL 50 STATES AND HUNDREDS OF CITY governments. Throw in powerful forces in Washington who are forging new laws and regulations that impose serious added liabilities on the mortgage industry. On top of that, picture...
All Metro Areas Showing Home-Price Gains
ACCORDING TO THE NATIONAL ASSOCIATION of Realtors (NAR), Washington, D.C., home prices in the second quarter of 2003 increased in all metropolitan areas for which data is available compared with the same period a year earlier. This is the first time...
American Home Mortgage to Acquire Apex Mortgage Capital
MELVILLE, NEW YORK-BASED AMERICAN Home Mortgage Inc. has signed a definitive agreement to acquire Los Angeles-based Apex Mortgage Capital Inc., a financial company structured as a real estate investment trust (REIT). The purchase price is based upon...
AmNet Funds Record $1.4 Billion in Mortgages in July
AMERICAN MORTGAGE NETWORK (AMNET), San Diego, reported it funded $1.4 billion in home mortgages in July, compared with $1.3 billion for June--an increase of approximately 10 percent. AmNet's mortgage loan pipeline at July 31, 2003, was $2.3 billion....
Basel II: Roadblock or Opportunity?
THE BANDWAGON OF REGULATOR-bashing is on another concert tour through the American banking landscape, and this time the subject of its increasingly shrill chorus is the proposed Basel II Accord. In a peculiar twist, however, the loudest voices are...
Calendar of Events
SEPTEMBER 2003 Sept. 3-4 Iowa MBA Annual Convention, Des Moines, Iowa [www.iowama.org] Sept. 8-9 Council for Rural Housing and Development-Ohio (CRHDO) 2003...
CMBS Delinquency Rate Increases
ACCORDING TO STANDARD & POOR'S CMBS Quarterly Insights: Second Quarter 2003, released in August, the S&P U.S. CMBS delinquency rate, influenced by a few large loans, increased in second-quarter 2003. Although the delinquency rate has been trending...
Condo Mania: Construction Starts and Sales of Condominiums Are Surging, from Affordable Studio Units to Million-Dollar-Plus High-Rise Penthouses, Although the Market Varies in Different Parts of the Country. We Explore Conditions in Several Cities Where the Market for Condos Has Become Something to Crow About
THE ARCHETYPAL AMERICAN SINGLE-FAMILY HOME isn't as dominant a housing type as it was 30 years ago. Condominiums, the ultimate form of homeownership in an apartment building shared with strangers, have become hugely popular with former renters turned...
Countrywide Servicing Portfolio Hits New Milestone at $577 Billion
COUNTRYWIDE FINANCIAL CORPORATION, Calabasas, California, has released operational data for the month ended July 31, 2003. Operational highlights for July included the following: * Average daily application volume remained strong at $2.5 billion,...
GMAC Mortgage Offers New Financing Products
HORSHAM, PENNSYLVANIA-BASED GMAC Mortgage announced two additions to the GMAC Mortgage product suite as part of its commitment to making home-ownership accessible to more homebuyers in America. The new products, Settle America and HomeStrength, provide...
Goal-Oriented: Fannie Mae and Freddie Mac Every Year Are Required to Meet Affordable Housing Goals Set by the Department of Housing and Urban Development (HUD). as We Approach a New Deadline for Setting the 2004 Goals, HUD May Be Considering Putting More Teeth into the Goals
ROUGHLY 68 PERCENT OF AMERICANS ARE HOMEOWNERS. Seventy-four percent of white non Hispanics are homeowners, while only 50 percent of African Americans have achieved the goal of homeownership. In addition, more than 14 million Americans spend half of...
HMDA Changes for 2004 and the Best Ways to Deal with Them
THERE ARE SIGNIFICANT CHANGES being made to the Home Mortgage Disclosure Act (HMDA) regulations for 2004, and many lenders are deeply concerned about the types of changes being made as we approach the January 1 deadline. The changes affect everything...
J.C. Watts' New Focus
ONIE OF THE HOTTEST TOPICS IN WASHINGTON THIS SUMMER HAS BEEN possible changes to the regulation of the government-sponsored enterprises (GSEs). A new figure at the forefront of this discussion is former Oklahoma Congressman J.C. Watts. In May,...
MBA Endorses Creation of Single eNote Registry
THE MORTGAGE BANKERS ASSOCIATION'S (MBA's) board of directors has endorsed the creation of a single, national electronic note (eNote) registry system that will operate to establish the functional equivalent of a "holder in due course," or official...
MBA Submits Comment Letter to FASB
THE MORTGAGE BANKERS ASSOCIATION (MBA) filed a comment letter on July 31, 2003, on the Financial Accounting Standard Board's (FASB's) Proposed Statement of Financial Accounting Standards, Qualifying Special Purpose Entities [QSPEs] and Isolation of...
Mortgage Applications Indexes Mortgage Bankers Association of America
MORTGAGE APPLICATION INDEXES MORTGAGE BANKERS ASSOCIATION OF AMERICA MARKET COMPOSITES (Unadjusted) Market Purchase Refinance FRM ARM Index Index Index Index Index JUL-02...
Outdated Labor Laws: A 65-Year-Old Law Enacted to Protect Low-Wage Workers from Being Exploited Is a Focus of Concern in Today's Mortgage Business
IN THE MIDST OF A RECORD YEAR FOR ORIGINATIONS, worrying about whether originators are getting paid sufficiently for their overtime strikes one as hopelessly arcane. These same originators are pulling down annual incomes easily in the six figures,...
Preserving a Good System: The Main Federal Law on How Consumers' Credit Information Must Be Handled and Protected Is the Focus of Action on Capitol Hill. Expiring Federal Pre-Emptions Must Be Renewed or Lenders Will Face a Patchwork of State Laws That Would Create a Costly Compliance Burden
LEGISLATION THAT PASSED THE HOUSE FINANCIAL SERVICES Committee in late summer could change the information lenders provide mortgage applicants about the role their credit histories played in the lending decision. The committee passed H.R. 2622, "The...
Radian Reports Record Quarterly Earnings
RADIAN GROUP INC., PHILADELPHIA, REPORTED net income of $111.7 million for the second quarter of 2003, compared with $108.9 million in the second quarter of 2002. Net income per share was $1.18, compared with $1.12 in the second quarter of 2002. For...
Refi Falloff Puts Focus on Purchase Market
FLATTENING HOME-PRICE INCREASES mean that chattering about your house's rising value is fast becoming passe. Soon it could be as common as overhearing folks at the gym or dell brag ging about their high-tech stocks. National house-price appreciation...
Sharing Nonpublic Personal Information with Vendors
THE FINANCIAL MANAGEMENT OF mortgages and mortgage servicing rights often requires sharing information with organizations and individuals outside of the firm. Servicing valuations, prepayment analyses, customer-retention studies, default analyses,...
S&P Release Q2 Trends for RMBS
ACCORDING TO A REPORT BY NEW YORK-BASED Standard & Poor's (S&P) Ratings Services, Trends in U.S. Residential Mortgage Products: Second-Quarter 2003 LTV Ratios, FICO[R] Scores and Credit Support Levels, S&P rated 87 prime residential mortgage-backed...
Tax Deductibility of Private MI Seems So Logical, and Yet
WHEN MR. SMITH WENT TO Washington in 1939, he told his colleagues his dad believed the only causes worth fighting for were lost causes. James Stewart, as the "boy ranger" in Frank Capra's classic Mr. Smith Goes to Washington, today stands as the...
The Changing Shape of the Credit Reporting Industry: New Technology, Industry Consolidation and Challenges Presented by Pending Reform of the Real Estate Settlement Procedures Act (RESPA) Are All Reshaping the Business of Credit Reporting
THE CREDIT REPORTING INDUSTRY HAS CHANGED DRAMATICALLY IN RECENT YEARS. Not that long ago, it took days to prepare a credit report. First the report would be manually prepared on a typewriter, then sent by courier to the mortgage lender for review....
The Drive for More Transparency: Issuers That Provide a Wealth of Data on Collateral Underpinning Their Securities Are Being Rewarded with Better Pricing. There Is Growing Appetite for Such Transparency in the Asset-Backed and Mortgage-Backed Security Markets
TODAY THE SECONDARY MORTGAGE MARKET is facing growing pressure to provide greater transparency to investors. One of the most telling signs of the new transparency era is the proposed Shays Markey bill in Congress, which would require all of Fannie...
The Ticker
Company Ticker Price Close Price Close 52-week 52-week Symbol 7/31/03 6/30/03 High Low IndyMac NDE 24.34 25.42 27.33 16.14 Bancorp Inc. Countrywide ...
Top Women Producers: Distinctly Different Backgrounds Distinguish Diana MacFarlane and Alice Cordova. Yet These Two Successful Women Share a Drive to Succeed That Has Taken Them to the Top of the Origination Business
THIS IS THE SECOND INSTALLMENT IN A SERIES OF mini-profiles of eight women who have mastered the job of mortgage origination. Based on my new book, Winning Strategies in Commission Sales: How Mortgage Banking's Top Women Producers Manage Business and...
Training Temps
IF THERE'S ONE CLICHE IN OUR INDUSTRY that nobody would argue with, it's this: Our business is highly cyclical. Given that, it follows that our labor needs also have big peaks and valleys. And anyone who has been in the business a while knows this...
U.S. Retail Property Market Stable but under Pressure
ACCORDING TO STANDARD & POOR'S (S&P), New York, consumer spending has been stimulated by low interest rates and tax cuts even though consumers are still concerned about the weak economy, increasing unemployment and lingering conflict in Iraq....
West Residential Lenders-Top 30
West Residential Lenders--Top 30 First-Quarter 2003 / Sort Order: Total Loan Amount PURCHASE Rank Lender Total Number Share of Share $ Volume of Loans...
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